Crypto Academy Week 9 - Homework Post for Professor @yohan2on
Hello everybody, Hope you all are fine and in good health!
My this post is a Homework Task assigned by professor @yohan2on.
Homework task: Write about any one of the following Altcoins
Litecoin (LTC)
Ripple (XRP)
Binance coin (BNB)
I hope that I will get some good grades from professor, wish me best of luck!
WHAT IS RIPPLE (XRP)?
Ripple is known as One of the most famous AltCoin. It is made up of two different parts: XRP and RippleNet. RippleNet is a payment network optimized for businesses, while XRP is a cryptocurrency. It was created to enable banks and other financial institutions to send capital and assets across borders more efficiently and with less money.
Ripple is sometimes mistakenly classified as a cryptocurrency or a blockchain-based network. However, it is not.
To begin with, it does not use blockchain to achieve consensus. Instead, it uses a HashTree to summarise data and compares it across all of its validating servers.
Second, XRP cannot be mined, unlike most other cryptocurrencies. A total of 100 billion XRP tokens were created and distributed.
FACTS ABOUT RIPPLE(XRP)
To use the Ripple network, you dont need XRP. Financial companies can use the network for fiat money, but XRP can help them save even more money.
Ripple Labs plans to release 55 billion XRP into the industry for 55 months. To prevent entering the market and forcing markets to fall, they have chosen to do so steadily.
Ripple Labs core offerings are xCurrent and xRapid.
PROS OF RIPPLE
Many crypto-analysts and speculators believe Ripple has a bright future, making it an attractive investment for young and experienced traders. So, let,s take a look at the advantages of investing in Ripple.
Affordable
The current price of Ripple is $1.65 per coin which has been increased in last 2 weeks from $0.44 to $1.65. If we consider it,s value 2 weeks ago then it,s a bargain relative to its previous high point in 2018! For less than a few hundred bucks, you could get a significant amount of Ripple. Just a modest wager of $50 would net you more than 200 coins.
Note: In 2018, Ripple reached an all-time high of over $3.10, but some industry experts say it will break through the $1,000 threshold within the next ten years.
Ripple market capitalization
Ripple is the worlds 4th-largest cryptocurrency, with a market capitalization of $74.3 billion. A high market capitalization is a good indicator of investor trust, and it makes an asset more immune to unpredictable market cycles and dips.
It solves challenges and opens up new possibilities
Ripple helps major banking institutions overcome challenges. It also improves cash exchange, which is beneficial to the economy. Ripple, on the other hand, maybe useful for small business owners. The Ripple network, if broadly embraced, would give millions of sole traders and entrepreneurs access to the global economy.
CONS OF RIPPLE
Investing in Ripple, like any other investment, is not without risk. So, here is what you need to know about the dangers of investing in Ripple.
Ripple controls a significant portion of the XRP market
Chris Larsen, the chairman of Ripple, controls about a third of all XRP. Ripple CEO Brad Garlinghouse and other senior board members own a large amount of the business. There is a risk the price of XRP is overinflated, and too much of it is concentrated in only a few hands.
It is not Decentralized
Ripple was created with the banking and finance sector in mind. Rather than revolutionizing the way average citizens share or store value, its primary goal is to resolve problems within the banking sector.
The lack of application in the real world
To function in the real world, the currenccies central team must devise new approaches to make Ripple usable in the real world and liquefiable against some other form of exchange. As a result, all questions about the future of ripple are dispelled. The true triumph for ripple, or any other cryptocurrency, will come as banks and financial institutions begin to accept XRP as a payment method.
Why is Ripple such a good investment?
As of this writing, Ripple, or XRP, is the world's 4th-largest cryptocurrency and an autonomous digital commodity. Financial companies and liquidity suppliers all around the world use this digital currency to settle their accounts.
Let's take a look at the causes of this.
Protocol for Transactions
Ripple's transaction protocol is used for various things, like transferring and receiving cryptocurrencies, fiat currencies, and details. This protocol can handle massive transfers all over the world and has smaller transaction fees.
Accessibility
Ripple (XRP) can be traded on global crypto exchanges such as Gemini, Coinbase, and Binance, implying that you can easily work with this cryptocurrency alongside other blockchain enthusiasts and traders.
Interest Rates
From its inception, Ripple has been playing a brilliant game. Ripple's price has risen in tandem with the cost of other cryptocurrencies, but it has remained stable. Trading Ripple with the support of platforms like Q8trade will help you get a good ROI in the future since it is being introduced globally.
Low Fees
Unlike other cryptocurrencies like Bitcoin, Litecoin, etc., Ripple has a speedy transaction time. In addition to this advantage, Ripple has a comparably low transaction fee which makes it a very useful cryptocurrency for trading purposes.
Scalability
There is no doubt that Ripple will grow higher in the days to come. It is and will generally have no connection with the external market shocks and price volatilities. What makes Ripple an exception from other cryptocurrencies is, it has a huge market cap, and it utilizes consensus ledgers when it comes to transactions.
Uses of Ripple
Currency trade for a low commission
Several currencies cannot be translated directly into one another. As a result, banks would use the US dollar as a medium of exchange. As a result, there is a double commission: one for translating currency A to USD and converting USD to currency B. Ripple is a mediator as well, but it is much less expensive than USD.
International transfers are completed quickly
The average transaction takes 4 seconds to complete. As compared to Bitcoin, which takes an hour or more to complete, and traditional banking processes take a few days.
Ecosystem of payment
The user will essentially create his currency for quick and low-cost transactions. For example, collectors may build money to buy and sell antique vinyl or action figures.
CONCLUSION
Ripples future is bright, but it is fraught with difficulties because it requires simplifying the existing financial system.
The ripple team, on the other hand, makes measured and well-considered decisions, and if they are successful in completely implementing their platform and onboarding the global financial system, they will undoubtedly lead to a major leap forward in international banking, making it as simple as intra-country banking is today.
Hello @saarah,
Thank you for participating in the 1st Week Crypto Course in its second season and for your efforts to complete the suggested tasks, you deserve a 7/10 rating, according to the following scale:
My review :
An article with good content in which you dealt with XRP cryptocurrency across several aspects, showing the extensive research you have done to achieve this job. Try to analyze more and give your opinions through its data to give more depth to your writing.
Thanks again for your effort, and we look forward to reading more of your work.
Sincerely,@kouba01